Earnings Guidance Disappoints and No Binding Offer Eventuates

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Event-Driven

<ul><li class="p1">Ozforex received a preliminary, non-binding, indicative&nbsp;conditional takeover offer from Nasdaq-listed, global&nbsp;payment business, Western Union.</li><li class="p1">The board will&nbsp;evaluate the indicative AUD 3.50 to AUD 3.70 per share&nbsp;all-cash offer, which is subject to access to due diligence,&nbsp;retention of management, and relevant regulatory&nbsp;approvals.</li><li class="p1">The offer represents a 35%-42% premium to&nbsp;the last close price of AUD 2.60.</li><li class="p1">At the top end of the range, the AUD 888 million price tag&nbsp;implies an EV/EBITDA multiple of 23 times based on our&nbsp;fiscal 2016 forecasts.</li><li class="p1">While not a low-ball offer, the board&nbsp;may seek an additional premium for the strong earnings&nbsp;growth outlook, and potential for significant transaction&nbsp;volume which can pass through the Ozforex platform&nbsp;under the ownership of Western Union.</li><li class="p1">Western Union has acknowledged a need to adapt to&nbsp;changing industry trends if it is to maintain its dominant&nbsp;position and strong profitability, but despite strong growth&nbsp;in recent years, revenue via electronic channels still represents only 7% of revenue. The acquisition of Ozforex&nbsp;would lift electronic revenue by about 40% and represent&nbsp;near 10% of group.</li></ul><p><em>Analyst: Nathan Zaia</em></p>

Ozforex received a preliminary, non-binding, indicative&nbsp;conditional takeover offer from Nasdaq-listed, global&nbsp;payment business, Western Union.The board will&nbsp;evaluate the indicative AUD 3.50 to AUD 3.70 per share&nbsp;all-cash offer, which is subject to access to due diligence,&nbsp;retention of management, and relevant regulatory&nbsp;approvals.The offer represents a 35%-42% premium to&nbsp;the last close price of AUD 2.60.At the top end of the range, the AUD 888 million price tag&nbsp;implies an EV/EBITDA multiple of 23 times based on our&nbsp;fiscal 2016 forecasts.While not a low-ball offer, the board&nbsp;may seek an additional premium for the strong earnings&nbsp;growth outlook, and potential for significant transaction&nbsp;volume which can pass through the Ozforex platform&nbsp;under the ownership of Western Union.Western Union has acknowledged a need to adapt to&nbsp;changing industry trends if it is to maintain its dominant&nbsp;position and strong profitability, but despite strong growth&nbsp;in recent years, revenue via electronic channels still represents only 7% of revenue. The acquisition of Ozforex&nbsp;would lift electronic revenue by about 40% and represent&nbsp;near 10% of group.Analyst: Nathan Zaia

OzForex Receives Knock on the Door from Payment Behemoth WesternUnion

OFX Group

OzForex Receives Knock on the Door from Payment Behemoth WesternUnion